US stocks rise with tech firms poised to rally - New York Report

The Dow Jones industrial average rose 208.63 points, or 1.17 per cent, to end at 18,034.93. The S&P 500 gained 19.22 points, or 0.92 per cent, to 2,100.4, and the Nasdaq Composite added 62.79 points, or 1.27 per cent, to 4,994.60.

In the second industry-wide cut in two months, China’s central bank on Sunday reduced the amount of cash that banks must hold as reserves in a move to help spur lending and combat slowing economic growth. The move is thought to have had a knock-on effect by increasing investor confidence.

A 2.28 per cent rise in Apple shares led the US market higher, along with a 3.42 per cent jump in IBM. The IT component of the S&P 500 closed up 1.79 per cent.